Dallas Fed Chief: Inflationary Pressure Rising

Dallas Federal Reserve President Richard Fisher said on Friday he is concerned about rising inflation world-wide that may start to push up wages in Europe and the United States.

"I am beginning to hear people talk about pay increases of 3 percent or so in certain high value-added areas," he told reporters after a speech to real estate executives.

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"There's an inflationary dynamic building world-wide -- we know it's also taking place in the Far East -- and we just have to be very careful not to accommodate inflation in the United States," he said.